THE son of tycoon Lucio C. Tan, Sr. has disposed of majority of his shares in the family’s holding firm LT Group, Inc. (LTG).
In a disclosure to the stock exchange Monday, the listed conglomerate said its President and Chief Executive Officer Michael G. Tan has sold 233,000 of his shares in the firm at P15.32 each for a total of P3.569 million.
The younger Tan now has 1,100 shares left in the firm.
The company earlier restored the position of vice chairman in its corporate structure, which transfers the power of the president to preside over board meetings in the case of the chairman’s absence.
Incorporated in 1937 originally as The Manila Wine Merchants, Inc., LTG’s core businesses include tobacco, beverage, property development, and banking.
LTG’s net income attributable to the parent stood at P4.42 billion in the first quarter of 2019, 22% higher than the P3.63 billion in the same period a year ago. This follows a 28% uptick in gross revenues to P21.89 billion.
Shares in LTG shed 0.5% or eight centavos to close at P15.80 each at the stock exchange on Monday. — Arra B. Francia